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Extended Interview: Russell Signorino

Extended Interview: Denny Coleman

Two Metro East dealerships shutting down

St. Louis (KMOV) -- News 4 asked local experts to weigh in on the changes in the auto industry around the St. Louis area.

Labor market analyst Russell Signorino said right now the industry is going downward. The domino effect has already begun since cutbacks were announced at area manufacturing plants.

Lear Corp. will lay off 250 employees when it closes its seat-manufacturing plant in Bridgeton in a few weeks.

Findlay Industries, which supplies parts to auto plants, will shut down in September cutting 68 jobs.

Those jobs are what experts talk about when they speak of the job multiplier.

But Signorino said company’s change is not all doom and gloom. Companies take an "adapt or perish" attitude, changing their product line.

"Several of them are national and even international companies, so that's a good thing for us," said St. Louis County Economic Council President Denny Coleman.

And while there may be a downturn in one industry, there is growth in others.

"The automotive cuts in the '80's were extremely severe, as were the defense cuts in the 90's. We lost close to 60,000 defense jobs," said Coleman. "We are much more diversified than we've ever been."

Coleman said areas that continue to see a lot of economic activity include pharmaceuticals, healthcare, plant and life sciences, and financial services.

The St. Louis County Economic Council is still surveying companies that supply the auto industry to better gauge the impact, according to Coleman.